×
You will be redirected back to your article in seconds

Yahoo Names 2 New Board Members, As Its Future Remains Cloudy

Yahoo, in the midst of exploring a sale of the company and facing a potential proxy fight, on Thursday announced the appointment of two independent directors to its board.

Joining Yahoo’s board are Catherine Friedman, former managing director of Morgan Stanley, and Eric Brandt, former CFO of Broadcom. The appointments, effective March 8, expand the size of the board from seven to nine directors.

Last month, Charles Schwab, chairman of the Charles Schwab Corp. resigned from Yahoo’s board after PayPal co-founder Max Levchin exited the board in December. Both were seen as allies of CEO Marissa Mayer.

Meanwhile, activist investor Starboard Value — unhappy with the company’s financial performance and leadership — has previously said it plans to nominate a slate of new directors prior to the March 26 proxy-filing deadline. Yahoo named Friedman and Brandt to the board without consulting Starboard, according to a New York Times report. A Starboard rep did not respond to a request for comment on the two new appointments.

“Eric and Cathy are both highly respected, experienced practitioners in their fields, and we welcome them to Yahoo’s board of directors,” Yahoo chairman Maynard Webb said in a statement. “Today we are at an important juncture in Yahoo’s transformation, as we execute on our refined strategy and explore strategic alternatives for the company.”

Under the terms of the board appointments, Friedman and Brandt will each receive $60,000 per year and will each automatically receive a grant of restricted stock units worth approximately $240,000 based on the closing price of Yahoo’s stock on the date of their appointments to the board and prorated based on the portion of the year that has passed since June 24, 2015, according to a company SEC filing.

More Digital

  • NPR Releases Open Source Podcast Metrics

    How NPR Aims to Bring Transparency to Podcast Metrics

    NPR unveiled a new open source podcast measurement project Wednesday that aims to bring more transparency and granularity to podcast metrics. The project, dubbed Remote Audio Data (RAD), has been developed in partnership with a number of podcast app developers, ad tech companies as well as tech and media heavyweights including ESPN, Google and iHeartMedia. [...]

  • 2019 Variety Predictions

    2019 Predictions: What's in Store for Film, TV and Music Next Year?

    It would be hard to top the drama of 2018. From media mega-mergers to the rise of Time’s Up, it was a year that had more than its fair share of twists and turns. Leslie Moonves resigned in disgrace, AT&T snapped up Time Warner, Disney inched closer to subsuming Fox and “Black Panther” shattered box [...]

  • apple brooklyn october 2018 event

    Apple Looking to Launch Magazine Subscriptions in Early 2019 (Report)

    Apple is preparing to relaunch Texture, a news subscription app it acquired in March, as a premium tier of Apple News early next year, according to a Bloomberg report. To prepare for the launch, Apple has been trying to get prominent newspapers including the New York Times and the Wall Street Journal to come on [...]

  • Tencent Music Raises $1.1 Billion for

    Tencent Music Raises $1.1 Billion for IPO, Much Less Than Expected

    China-based music streaming company Tencent Music Entertainment Group said it raised nearly $1.1 billion in its U.S. initial public offering, according to Reuters. Earlier this year, the company was expected to be valued at as much as $30 billion and raise $4 billion for its IPO, but those estimates were slashed in September. he IPO [...]

  • Netflix Orders ‘I Am Not Okay

    Netflix Orders ‘I Am Not Okay With This’ From Producers of ‘Stranger Things’

    The producers of “Stranger Things” and creator and director of “The End of the F***ing World” series are making “I Am Not Okay With This” for Netflix, a coming-of-age tale about a girl with mysterious powers. 21 Laps will make the series, which was co-created by Jonathan Entwistle, who was behind Channel 4 and Netflix show [...]

  • Netflix Logo

    Netflix’s India Content Head Swati Shetty Makes Exit

    Swati Shetty, who has headed Indian content operations at Netflix is to step down from the global streaming giant. She joined the streamer in August 2016 as director of international originals and acquisitions. The company said it is placing more emphasis on India and that the role should ideally be fulfilled form Mumbai, rather than [...]

  • Oculus Rift

    ZeniMax Agrees to Settle Facebook VR Lawsuit

    Game company ZeniMax Media said it is has agreed to settle litigation against Facebook, Oculus and individual executives alleging misappropriation of its virtual-reality technology. Terms of the settlement were not disclosed. ZeniMax sued Facebook in 2014 after Id Software co-founder John Carmack joined Oculus as chief technology officer. In the suit, which sought as much as $4 billion in damages, alleged [...]

More From Our Brands

Access exclusive content